Partnerships: Formation, Operation, and Ownership Changes | Advanced Accounting | CPA Exam FAR |

These lectures cover accounting for partnerships. In a general partnership, the partners can bind the partnership into contracts; and the partnership is similiar to a personal asset that can be sold. General partners are personally liable for the debts of the partnership, while a limited partner is only liable for the amount invested in the partnership. A joint venture occurs when two or more parties (agents) enter into an arrangement to pursue a specific purpose.

Intro to Accounting for Partnerships (Pt 1 of 5)

Allocation of Income/Loss|Partnership Accounting (Pt 2 of 5)

Accounting for Admission of a New Partner (Pt 3 of 5)

Accounting for Withdrawal of a Partner (Pt 4 of 5)